Board Smart - A Governance eLearning Resource
The importance of governance in retirement systems is seriously under-rated. This is despite the recognition that the quality of governance affects the performance of the entire organization and the soundness of the plan.
The quality of governance in a pension system affects relationships among all the parties: the governing bodies, plan sponsors, and the board; relationships within and between the board and the executive; the ability of the system to attract and retain the best people; its stakeholder relations; and, ultimately, the organization's ability to deliver value and benefits to the beneficiaries.
- Most pension trustees are lay people and not pension or investment experts.
- Trustees immediately assume fiduciary duties regardless of their preparedness.
- Collectively, trustees are asked to make multiple, long-term decisions affecting billions of dollars and millions of people.
- New trustees typically face steep learning curves (can be as long as two years).
- They are often "drinking from the fire hose."
How to bring new trustees up to speed as quickly as they can reasonably learn?
- System based on-boarding is usually a one-time event (2-6 hours).
- Current learning resources for new and existing public pension trustees are largely conference based.
- Few governance resource materials exist on Retirement System Governance.
- Need on-line / on-demand individualized delivery of governance learning materials.
The Board Smart Solution
- Offer an accredited, on-line, on-demand, self-paced, self-directed governance learning resource:
- Basic, intermediate and advanced levels of training
- Full spectrum of topics relevant to a retirement system trustee
- Provide short, engaging and insightful "Talks" on multiple governance topics by recognized governance experts.
- Available to each system on a very affordable subscription basis.